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Solidcore Resources, the Kazakhstan-focused gold producer formerly known as Polymetal International, has signed a memorandum of understanding with Tajikistan’s Main Department of Geology to explore for precious metals and polymetallic ores, the company announced. The agreement was concluded on November 7, on the sidelines of talks between the presidents of Kazakhstan and Tajikistan in Astana, and was one of 20 cooperation documents signed at that summit.
Chief executive Vitaly Nesis said a newly created subsidiary, Solidcore Tajikistan, will work with local authorities and partners to identify candidate projects. Under the terms of the memorandum, the implementation and financing of any specific project will be agreed separately once it has been approved by both sides.
A sector dominated by Chinese capital
Tajikistan’s gold industry has expanded sharply over the past decade. Production reached 14.5 metric tons in 2024, more than four times the 2015 level, according to the International Monetary Fund. Chinese companies hold the commanding position: Zeravshan, the country’s largest gold producer, is 70 percent owned by China’s Zijin Mining, with the Tajik government retaining the remaining 30 percent. That single mine accounts for roughly 70 percent of national gold output.
The country’s mineral endowment is substantial. The European Bank for Reconstruction and Development has documented more than 600 deposits containing around 50 types of minerals. The EBRD has also noted that governance and regulatory barriers have constrained private investment, and at the request of Tajik authorities it launched a project to review existing rules and propose reforms.
Solidcore’s pivot after sanctions
Solidcore sold its Russian operations in 2024 following Western sanctions and reoriented entirely toward Kazakhstan, where it operates two gold-mining complexes: the Kyzyl mine in the Abai region and the Varvara hub in the Kostanay region. Development projects include the Ertis Hydrometallurgical Plant and the Syrymbet tin-copper deposit, which received construction approval in October.
The company was founded by Russian businessman Alexander Nesis and continues to be run by his younger brother Vitaly. Its largest shareholder is now a consortium of Omani investors led by a state-owned fund, which held 41.35 percent of voting rights as of October.
Solidcore has been actively seeking growth outside Kazakhstan. In September it agreed with Japan Gold to fund a three-year, $25 million exploration programme across five sites on Hokkaido and Kyushu. The Tajikistan memorandum extends that geographic diversification into Central Asia.
Output down, revenue up on gold price
The company’s most recent production figures show the trade-offs of its post-sanctions restructuring. In 2025 Solidcore produced 395,000 gold-equivalent ounces and sold 412,000, down 19 percent and 23 percent respectively from 2024. Management attributed the declines to delays in processing concentrate from Kyzyl at a third-party facility during the first half of the year. Higher gold prices offset the volume shortfall, pushing revenue up 13 percent to $1.5 billion.